Barclays has opened coverage on BridgeBio Pharma (NASDAQ:BBIO), assigning an Overweight rating and setting a price target of $80.00. The target implies a modest upside relative to the stock’s recent trading level of $77.87 and comes as BridgeBio shares sit near their 52-week high of $81.33.
The research note emphasized what Barclays described as BridgeBio’s "uniquely diversified late-stage portfolio," and said the company is positioned to become "a next large-cap biotech." The firm cited the company’s current market capitalization of $15.01 billion and noted revenue growth of 62.46% over the last twelve months as supporting evidence for upside potential.
Barclays singled out several clinical and commercial elements as drivers for its favorable view. The bank highlighted upcoming Phase 3 achondroplasia data, expected later in 2026, as a key catalyst. In addition, Barclays pointed to the company’s rare disease franchise - specifically programs in achondroplasia, ADH1, and LGMD2i - as underpinning its positive stance.
Commercial performance for Attruby, BridgeBio’s product targeting ATTR-CM, was also noted. Barclays emphasized the growth opportunity presented by the "large expanding ATTR-CM market," while other sell-side coverage has similarly focused on the product’s sales momentum.
BridgeBio reported preliminary unaudited revenue from Attruby of $146 million for the fourth quarter and $362.4 million for the full year 2025. By the end of December 2025, Attruby had generated 6,629 unique patient prescriptions written by 1,632 prescribers, according to the company’s figures.
TD Cowen, separately, has maintained a Buy rating on BridgeBio with a $95.00 price target, citing Attruby’s sales strength. TD Cowen’s view was informed by fourth-quarter Attruby sales that beat market expectations by 9%.
Alongside analyst coverage and commercial traction, BridgeBio has completed a financing move. The company has priced a private offering of $550 million in convertible senior notes due 2033. The new notes carry a 0.75% interest rate and a 45% conversion premium. BridgeBio indicated the proceeds may be used to repurchase, settle future conversions, or pay down a portion of its existing 2.50% convertible senior notes due 2027.
The new 2033 notes will mature on February 1, 2033, with interest payable semi-annually beginning on August 1, 2026. The initial conversion price for these notes is approximately $110.58 per share.
Barclays’ research drew a direct comparison for BridgeBio’s potential trajectory to established firms, noting that "BBIO could be the next ALNY/INSM," a reference to Alnylam Pharmaceuticals and Insmed. The note framed that comparison in the context of BridgeBio’s late-stage program diversity and commercial progress.
These combined elements - analyst initiation at Overweight, robust Attruby uptake, preliminary revenue disclosure for 2025, and execution of convertible financing - form the basis of the market narrative around BridgeBio at present. Investors will be watching upcoming clinical data milestones and the company’s use of the convertible proceeds for signals about future capital structure and growth plans.
Key points
- Barclays initiated coverage on BridgeBio with an Overweight rating and an $80.00 price target; stock trading at $77.87 and near a 52-week high of $81.33 - impacts equity markets and biotech investor sentiment.
- Attruby showed strong commercial uptake with $146 million in Q4 and $362.4 million for full year 2025, supported by 6,629 unique patient prescriptions and 1,632 prescribers - relevant to the healthcare and pharmaceutical revenue outlook.
- BridgeBio priced $550 million of convertible senior notes due 2033, with terms including 0.75% interest and a 45% conversion premium - significant for corporate finance and capital markets.
Risks and uncertainties
- Clinical outcome risk - Phase 3 achondroplasia data expected later in 2026 is a material near-term catalyst; its results are uncertain and will influence valuation and regulatory progress - relevant to biotech and healthcare sectors.
- Commercial concentration and execution risk - the company’s positive outlook is tied in part to Attruby’s continued market uptake; any slowdown or sales variance could affect revenue expectations - relevant to pharmaceutical sales forecasts.
- Capital structure risk - the new convertible notes alter BridgeBio’s financing mix, and future conversions or use of proceeds (including repayment of 2.50% notes due 2027) introduce potential dilution or leverage considerations - relevant to investors and capital markets.